Lockheed Martin Corporation has reported third quarter 2011 net sales of $12.1 billion, compared to $11.3 billion in 2010. Earnings from continuing operations during the third quarter of 2011 were $665 million, or $1.99 per diluted share, compared to $557 million, or $1.53 per diluted share, in 2010. Cash from operations during the third quarter of 2011 was $511 million, compared to $513 million during 2010.

Third quarter 2011 results included a special charge of $39 million, which reduced earnings by $25 million, or $0.07 per diluted share, related to planned workforce reductions at Information Systems & Global Solutions (IS&GS) and corporate headquarters. The third quarter of 2010 included a special charge of $178 million related to the voluntary executive separation programme (VESP), which decreased earnings by $116 million, or $0.32 per diluted share.

“Our focus on programme execution in support of our customers resulted in a strong third quarter,” said Bob Stevens, Chairman and Chief Executive Officer. “We continue to take aggressive actions, including painful workforce reductions, to reduce costs and deliver value to our customers and shareholders in this challenging global security and economic reality that we expect will extend into 2012.”